How the Expiring Bush Tax Cuts Affect You
You may have been led to believe that only individuals in the top two brackets will face higher federal income taxes when the Bush cuts go bye-bye. Not true! Unless Congress takes action and President Obama goes along, rates will go up for everyone — not just a sliver of the wealthiest Americans. The current six rate brackets of 10%, 15%, 25%, 28%, 33% and 35% will be replaced by five new brackets with the higher rates of 15%, 28%, 31%, 36% and 39.6%. Just a few months ago, it seemed like a safe bet that Congress would make a fix to keep the existing 10%, 15%, 25% and 28% rate brackets to help out lower and middle-income folks. That bet is now looking iffy.
Remember this?
Cut taxes for 95 percent of workers and their families with a tax cut of $500 for workers or $1,000 for working couples.
Yeah, Obama said that. He said this too:
Cut taxes for 95 percent of workers and their families with a tax cut of $500 for workers or $1,000 for working couples.
What happened to that Obama?
Or this:
Middle class families will see their taxes cut – and no family making less than $250,000 will see their taxes increase.
Did you lie about that Obama?
What about this:
Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s.
Lies also?
Obama’s plan will cut taxes overall, reducing revenues to below the levels that prevailed under Ronald Reagan
And more lies.
Sphere: Related Content